American Bankruptcy Institute

5 Things Creditors Don't Want You To Know

5 Things Creditors Don't Want You To Know

The credit industry, as a whole, has spent a lot of money pushing credit counseling plans and telling you that you shouldn't file bankruptcy in Fort Lauderdale. Take a moment and think about who you are getting the information from, and why they are spending so much money in stigmatizing bankruptcy as a negative decision.

Yes, your credit score will be reduced as a result of filing bankruptcy. But the odds are great that your credit has already taken a significant hit because of late or missed payments.

Yes, a bankruptcy filing will be stay on your credit report for 10 years. But, late and missed payments will be on your report for years also. Using a credit counseling repayment plan will result in years of bad credit reporting also. A Fort Lauderdale bankruptcy will wipe out all your debts within a few months if you qualify, and file for, Chapter 7. Most credit counseling repayment plans will have you paying hundreds of dollars per month for years.

But what are the Top 5 things the credit industry doesn't want you to find out? Here they are:

  1. Bankruptcy stops foreclosure immediately on the day you file the petition.
  2. If you have a second mortgage on your home and the home is not worth more than the amount you owe on your first mortgage, you may be able to completely eliminate (yes, get rid of completely) your second mortgage through a Fort Lauderdale Chapter 13 bankruptcy.
  3. Many IRS debts can also be eliminated through bankruptcy.
  4. Once you file a Fort Lauderdale Chapter 7, or a Chapter 13, bankruptcy, your creditors must stop all collection efforts and this includes lawsuits, garnishments and harassing telephone calls.
  5. Even though creditors paid lobbyists a lot of money to revise the bankruptcy laws in 2005, most people still qualify for a Fort Lauderdale Chapter 7 bankruptcy. This is a liquidation bankruptcy that will completely eliminate most of your unsecured debt.

So...are you going to continue listening to the industry that is hiking your interest rates to 29%, or are you going to take an hour of your time to find out what debt relief is available to you through a Fort Lauderdale bankruptcy action? They are hoping that you don't call and set up a free initial consultation with a Fort Lauderdale bankruptcy attorney.

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